Praxair reports rise in profits, benefits from emerging markets

Praxair reports rise in profits, benefits from emerging markets

3:06 PM, 17th June 2011
Praxair reports rise in profits, benefits from emerging markets

  • Sales of $ 2.7 billion, 11 per cent above prior-year quarter
  • Diluted EPS of $ 1.29, up 18 per cent 
  • Strong pipeline of growth projects in emerging economies
  • Raises full-year 2011 diluted EPS guidance to $ 5.35 - $5.45
  • Second-quarter diluted EPS guidance of $ 1.33 to $ 1.38

DANBURY, US: Praxair, Inc reported first-quarter net income and diluted earnings per share of $ 398 million and $ 1.29, 17 per cent and 18 per cent above the prior-year quarter, respectively.

Sales in the first quarter were $ 2,702 million, 11 per cent above the previous-year quarter, due primarily to broad-based volume growth. Sales increased across all geographic regions with strongest growth from manufacturing, metals, chemicals and electronics markets. Sales rose 3 per cent sequentially from the fourth quarter of 2010 due to higher volumes and price.

Operating profit in the first quarter was $ 591 million, up 17 per cent from the prior-year quarter due to higher volumes, higher price and productivity. Earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 844 million grew by 14 per cent from the prior-year period. 

“Praxair kicked off the year with solid volume growth. The emerging markets, primarily South America and Asia, grew at double-digits, while our business in North America benefitted from steady economic recovery in US. We continue to successfully execute pricing and productivity initiatives. New project opportunities remain robust,” commented Stephen F. Angel, Chairman and CEO, Praxair.  

For the full year of 2011, Praxair expects sales in the area of $11 billion. The company expects diluted earnings per share to be in the range of $ 5.35 to $ 5.45. 

Praxair surface technologies had first-quarter sales of $ 157 million, up 15 per cent from the prior-year quarter. Sales growth came from higher jet engine and industrial coatings volumes. Operating profit of $ 25 million in the quarter was 32 per cent above the prior-year period due to higher volumes.

(C) WOC News





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